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Acams Exam Advanced-CAMS-Audit Topic 2 Question 7 Discussion

Actual exam question for Acams's Advanced-CAMS-Audit exam
Question #: 7
Topic #: 2
[All Advanced-CAMS-Audit Questions]

During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)

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Suggested Answer: C, D, E

by Elena at Jan 26, 2025, 11:33 AM

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Glen
2 months ago
This is a tough one, but I think C, D, and E are the right choices. Can't forget the importance of that PEP designation!
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Esteban
27 days ago
E: Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.
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Mozelle
1 months ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
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Stefania
1 months ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
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Leanna
2 months ago
Designating the account as a PEP-account seems like a good idea too.
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Lamar
2 months ago
Hmm, I'd go with B, D, and E. Automated monitoring tools can really help streamline the process, and the documentation is key.
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Lashon
1 months ago
E: Documenting the details of the asset-holding arrangement is important for understanding the customer's profile and potential risks.
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Harrison
2 months ago
D: Enhanced due diligence and ongoing monitoring are crucial for managing risks associated with politically exposed persons.
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Marylou
2 months ago
B: Deploying automated monitoring tools is a great idea to efficiently review the customer's KYC information.
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Alison
2 months ago
C, D, and E are the way to go. Designating the account as PEP-related is crucial, and enhanced due diligence will help uncover any potential issues.
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Vincenza
1 months ago
E: Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.
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Cherrie
1 months ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
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Billy
1 months ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
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Shanice
2 months ago
Definitely A, B, and D. The auditor needs to take immediate action to address the PEP risk and ensure proper monitoring and controls are in place.
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Darrel
2 months ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
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Clement
2 months ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
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Sueann
3 months ago
I agree, but we should also conduct enhanced due diligence.
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Wenona
3 months ago
I think we should file a suspicious activity report.
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